Kea’s regional directors recently released published an article with on-the-ground insights into what is happening in their region and the opportunities this presents for New Zealand export businesses. A brief summary of the positives for New Zealand business is below:
- Export Growth to the US: New Zealand’s exports to the United States reached NZ$14.6 billion, making it the second-largest export market after China. Both goods and services exports saw significant growth, with services particularly strong at 32%.
- UK-New Zealand Free Trade Agreement: Since its inception a year ago, exports to the UK have grown by 19%. The agreement has facilitated expanded trade opportunities and discussions are ongoing to enhance digital integration and oenological practices.
- ASEAN and Pacific Trade Relations: New Zealand hosted the ASEAN Australia New Zealand Free Trade Agreement Joint Committee, emphasising regional trade integration. Additionally, Prime Minister Luxon’s visit to the Pacific focused on strengthening trade ties with Niue and Fiji, where two-way trade grew nearly 40% over the past year.
- Japanese Trade Relations: Efforts to boost trade with Japan, New Zealand’s fourth-largest trading partner, included a significant trade delegation visit led by the Prime Minister, aiming to attract investments and expand market access for New Zealand products.
- Economic and Technological Advancements: Despite global economic challenges, sectors like technology, including AI, are driving growth opportunities. New Zealand companies are well-positioned to capitalise on advancements in these areas.
You can read the original on Kea’s site here.